The scope of our recent study on the “Direct Reduced Iron (DRI) Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by form, production process, and application” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The direct reduced iron (DRI) market was valued at US$ 37,361.73 million in 2022 and is projected to reach US$ 66,803.85 million by 2030; it is expected to grow at a CAGR of 7.6% from 2023 to 2030.

Green steel is steel produced through processes that do not emit carbon dioxide. The use of direct reduced iron (DRI) produced using hydrogen is a promising method of producing green steel. An upsurge in the preference for green steel production using direct reduced iron (DRI) using hydrogen as a reducing agent creates lucrative opportunities for the direct reduced iron (DRI) market. Further, the investment and funds raised by governments of various region for manufacturing steel by using green hydrogen is one of the factors of increasing preference for green steel production. For example, in February 2023, the German government has allocated fund of EUR 55 million to ArcelorMittal for green steel production using hydrogen.

Impact of COVID-19 Pandemic on Direct Reduced Iron (DRI) Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of manufacturing sectors. The chemical and material industry faced challenges procuring raw materials. Moreover, restrictions in iron ore mining activities have significantly fluctuated the prices of direct reduced iron (DRI). The COVID-19 pandemic had significantly impacted the steel industry across the globe, with a decline in the production process. However, the direct reduced iron (DRI) market has recovered due to the rising demand from steel and construction industry.

The report includes the segmentation of the global direct reduced iron (DRI) market as follows:

The global direct reduced iron (DRI) market, by form, is segmented into lumps, pellets, and fine. Based on production process, the direct reduced iron (DRI) market is bifurcated into coal based and gas based. Based on application, the direct reduced iron (DRI) market is bifurcated into steel making and construction. By geography, the global direct reduced iron (DRI) market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global direct reduced iron (DRI) market in North America is further segmented into the US, Canada, and Mexico. The global direct reduced iron (DRI) market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global direct reduced iron (DRI) market in Asia Pacific is analysed on the basis of China, India, Japan, Malaysia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into Iran, Saudi Arabia, the UAE, and Rest of MEA. The global direct reduced iron (DRI) market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
 

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